China Russia Photo: VCG

Trade between China and Russia hit a record high in 2023, reaching 1.69 trillion yuan ($235.9 billion), an increase of 32.7 percent from a yearly basis, Chinese customs data showed on Friday.

The bilateral trade exceeded $200 billion in November for the first time. The total value marks a milestone for bilateral economic ties, as it means the two nations have achieved their $200 billion trade goal ahead of schedule. In 2019, they set up a goal of ramping up bilateral trade to reach $200 billion by 2024. 

In breakdown, China's exports to Russia soared by 53.9 percent in 2023, while imports from Russia went up by 18.6 percent.

"The comprehensive strategic partnership of coordination between the two countries boosted the growth in bilateral trade," Song Kui, president of the Contemporary China-Russia Regional Economy Research Institute, told the Global Times on Friday. 

Song noted that the relationship between China and Russia has set an example of the new model of major-country relations, which is not targeted against any third party, but will benefit the global economic recovery during the post-COVID period.

"China-Russia trade has evolved from a trade-based approach to a new level of industrial cooperation, including auto equipment manufacturing and agri-food processing," Song said.

Noting that energy cooperation has played an important role in the two countries' foreign trade, Song said that the increasing use of yuan for trade settlements also helped.

Tourism is also in spotlight amid the closer cooperation between China and Russia. Chinese tourists are arriving at Russia's snow-clad cities en masse and the number is likely to surpass 1 million in 2023, people familiar with the situation told the Global Times.

In addition, Russian officials, businesspeople and tourists are visiting Harbin, Northeast China's Heilongjiang Province, now that it is under an international spotlight, according to Song.

"Hot people-to-people exchanges will surely warm up trade and economic cooperation, as an inflow of people brings information and opportunities," Song said. 

Looking ahead, the expert expressed his bullish view on the future development of trade and economic ties between China and Russia, noting that cooperation in infrastructure construction, new-energy vehicles as well as high-tech manufacturing still has room to expand.


Global Times